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news.Clinical-stage immuno-oncology company Portage Biotech has announced plans to expand its assessment of strategic alternatives.
The company is exploring various strategic options. Credit: Darko Stojanovic from Pixabay
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The company also plans to implement additional measures.
This decision comes as the company seeks to extend its cash runway available and reassess its capital raising options in light of the current market conditions.
Portage said that its board of directors decided to pause further enrolment in the ADPORT-601 clinical trial, which involves the study of PORT-6 and PORT-7, both adenosine antagonists.
The company is actively exploring various strategic options, which may include partnerships, asset sales, mergers, restructurings, or even company wind down.
The objective is to optimise value and ensure the continued advancement of its novel therapies.
However, Portage Biotech has made it clear that there is no certainty of any agreements or transactions resulting from this process, nor can the success or terms of any potential deals be guaranteed.
If Portage Biotech fails to complete a transaction, the company may have to consider restructuring or winding down operations.
While there is no fixed timeline for this strategic evaluation, the company stated it will not provide updates unless it deems further disclosure necessary or is required by law.
The company is advancing its potentially ‘best-in-class’ adenosine antagonists in the ADPORT-601 trial of PORT-6 (adenosine 2A inhibitor) and PORT-7 (adenosine 2B inhibitor).
Being advanced using innovative trial designs and translational data, the programmes are intended to identify the patient populations most likely to benefit from treatment.
